• Crypto conglomerate Digital Currency Group (DCG) is hunting for new banking partners for portfolio companies following the collapse of SVB Financial Group (NASDAQ: SIVB), Silicon Valley Bank, Signature Bank (NASDAQ: SBNY), and Silvergate Capital Corp (NYSE: SI).
• Santander, HSBC Holdings, Plc (NYSE: HSBC), Deutsche Bank AG (NYSE: DB), BankProv, Bridge Bank, Mercury, Multis, and Series Financial are still keen to connect with crypto firms, CoinDesk reports citing relevant messages.
• The banking collapses in the U.S. left a lot of crypto firms and tech startups pursuing new banking partners.
• Also Read: SVB Collapse Could Materially Impact Coinbase's Revenue, Profitability Considering USDC's Criticality To Coinbase, Analyst Says
• DCG had also reached out to BlackRock, Inc (NYSE: BLK), JP Morgan Chase & Co (NYSE: JPM), and Bank Of America Corp (NYSE: BAC).
• The banks may restrict some services for crypto firms, for instance, brokerage and money market services and the ability to wire money to third parties. 
• Traditional banks may agree to set up banking accounts for crypto firms subject to restrictions based on crypto exposure.
• Despite the industry meltdown, Western Alliance and Bridge Bank are still opening accounts for crypto firms. 
• DCG has also contacted international banks, including Revolut in the U.K., United Overseas Bank (UOB) in Singapore, and Bank Leumi in Israel.
• On Wednesday, a DCG representative will meet with Senate Banking Committee staff on the fallout from SVB, Signature, and Silvergate.
• Image by jenniferfgallagher from Pixabay

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This article Crypto VC Digital Currency Group Turns To New Banking Partners After SVB Financial Debacle originally appeared on Benzinga.com

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